Management

Management

Management is an individual or a group of individuals that accept responsibilities to run an organisation. They Plan, Organise, Direct and Control all the essential activities of the organisation. Management does not do the work themselves. They motivate others to do the work and coordinate all the work for achieving the objectives of the organisation.

Management brings together all Six Ms i.e. Men and Women, Money, Machines, Materials, Methods and Markets. They use these resources for achieving the objectives of the organisation such as high sales, maximum profits, business expansion, etc.

Nature main characteristics or features of management:

• Continuous and never ending process.
• Getting things done through people.
• Result oriented science and art.
• Multidisciplinary in nature.
• A group and not an individual activity.
• Follows established principles or rules.
• Aided but not replaced by computers.
• Situational in nature.
• Need not be an ownership.
• Both an art and science.
• Management is all pervasive.
• Management is intangible.
• Uses a professional approach in work.
• Dynamic in nature.

Management's primary function is to get people to work together for the attainment of an organization's goals and objectives.

Business Management Skills:

To run a successful business, you need a diverse range of business management skills. When you start your business it’s likely that your responsibilities will include:

sales and marketing;

accounts;

human resources; and

information technology (IT).

Marketing, sales and promotion:

Marketing is more than just selling and promoting your business. It's about identifying your customers and working out how to get them to purchase your product or service. Go to Marketing for more information.

Human resources:

Human resources are about managing and looking after your staff. If you’re buying an existing business or taking on a franchise you may find that you’ve got employees to manage before you even start your business.

Understanding business financials:

The primary objective of any business is to make a profit. Good financial management is essential to ensure your goal is achieved. The first step involves understanding your financial statements which are crucial to running a successful business.

Time Management and Planning Skills

“It is vain to do with more what can be done with less” – William of Occam, the originator of Occam’s razor

Financial Management Skills

“It is not how much you make that counts but how much money you keep” – Robert Kiyosaki, investor, businessman, and author of best-seller Rich Dad Poor Dad

Communication Skills

“The way we communicate with others and with ourselves ultimately determines the quality of our lives” – Anthony Robbins

Organizational Skills

“Organizational effectiveness does not lie in that narrow-minded concept called rationality. It lies in the blend of clear-headed logic and powerful intuition.” – Arialdi Minino

Continued Self-Development Skills

“Everything we would ever need to become rich and powerful and sophisticated is within our reach. The major reason that so few take advantage of all that we have is simply, neglect.” – Jim Rohn